StorageVault Reports 2020 Second Quarter Results and Increases Dividend - Seite 2

For a reconciliation of the above NOI, FFO, and AFFO amounts to IFRS, please see the Corporation’s Management’s Discussion & Analysis for the three and six months ended June 30, 2020 filed on SEDAR at www.sedar.com.

2020 Six Months Year to Date Results
Revenue for the six months ended June 30, 2020 increased to $73.3 million from $60.5 million and NOI, a non-IFRS measure, grew to $48.3 million from $40.6 million, for the comparative period. For the six months ended June 30, 2020, cash flow from operations was $18.1 million and when combined with our financing and investing activities resulted in a cash balance of $15.9 million.  The net loss of $17.0 million for the six months ended June 30, 2020 (net loss of $25.2 million for 2019) is after $40.6 million in depreciation and amortization, which was offset by a deferred tax recovery of $6.0 million; both non-cash items.

Our revenue and NOI from Existing Self Storage, a non-IFRS measure, increased by 4.9% and 5.0%, compared to the same period last year.  FFO, a non-IFRS measure, were $17.6 million compared to $11.5 million for the same period in 2019, a 53.1% increase year over year. AFFO, a non-IFRS measure, were $19.4 million compared to $16.5 million for the same period in 2019, a 17.4% increase year over year.

For a reconciliation of the above NOI, FFO, and AFFO amounts to IFRS, please see the Corporation’s Management’s Discussion & Analysis for the three and six months ended June 30, 2020 filed on SEDAR at www.sedar.com.

Increased Dividend
StorageVault is increasing its quarterly dividend by 0.5% beginning Q3 2020 to $0.002693 per common share.

The COVID-19 Pandemic
For a significant portion of Q2 2020 and to meet the continued demand for our services, we modified our operations and remotely operated our stores and reservation centres.  Our teams were fully employed and clients were able to safely store and access their valuables.  To reopen our store offices, we installed plexiglass partitions, limiting the number of customers in our offices to one at a time and continued to improve and offer our no-contact rental processes.  We are extremely proud of our team for continuing to adapt to new processes and for being committed to providing exceptional client and community service.